Heller Ehrman Sells Art To Pay Creditors: See What's For Sale

When top-ranked firm and "Bay Area institution" Heller Ehrman voted to dissolve in September 2008 -- and then filed for bankruptcy in December -- its hallways contained a lot of art.

And now that art is being auctioned to help pay down down its debt.

A small fraction of their collection will go be auctioned as part of Bonhams New York's Contemporary Art Sale on November 10; more than 400 pieces will be included in a February auction at Bonhams San Francisco, a representative for the auction house said.

Law firm art collections are quite often pretty impressive. In our strolls through various firm hallways we've seen works by Roy Lichtenstein, Joan Miro and photographer Edward Weston -- and that was all at Cleary Gottlieb.

And though Heller will not make enough to cover it's reported $100 million-plus debt, it's hoping the sale will bring in $1 million, the chair of Heller Ehrman's dissolution committee told Law.com.

The San Francisco sale will include high-dollar pieces by artists such as Lichtenstein, Richard Serra and Richard Diebenkorn. The smaller November round, however, is expected to appeal to specifically to contemporary collectors.

Martin Gammon, director of business development for Bonhams, called the collection "very well selected and well curated material." So if you're in the market, here's your opportunity to upgrade your collection, with the added bonus of kicking some cash to Heller's creditors.

The Matchstick Painting - "Thin T.V."

Artist: Andrew Spence

Estimate: $1,500-$2,000

The Colorful One - "The Mirror"

Artist: John Monks

Estimate: $2,000-$3,000

The Red and White #1 - "Assemblage Rouge LXX"

Artist: Robert Kelly

Estimate: $2,500-$3,500

The Red and White #2 - "Assemblage Rouge LXXI"

Artist: Robert Kelly

Estimate: $2,500-$3,500

The Red and White #3 - "Assemblage Rouge LXIX"

Artist: Robert Kelly

Estimate: $2,500-$3,500

Get THE DRONES REPORT now! Commercial drones are already a reality. BI Intelligence takes an in-depth look at the most important aspects, including market forecasts for commercial applications, regulatory process, and the leading players. Get the Report Here &raquo